Rolex has become the latest mainstream company to venture into the metaverse, the highly anticipated next phase of the internet. Trademark attorney Mike Kondoudis revealed on Monday that the renowned luxury watchmaker has filed a trademark application with the United States Patent and Trademark Office (USPTO) for services related to digital currencies, nonfungible tokens (NFTs), and the metaverse.
The application outlines Rolex’s intentions to delve into virtual products and digital collectibles, including media and marketplaces backed by NFTs. It also covers plans for crypto exchange transactions and management services.
This marks Rolex’s first foray into the cryptocurrency, metaverse, and NFT market. Until now, the company has remained silent on crypto trends, while its competitors, such as Tag Heuer, have embraced the opportunity by launching a smartwatch that allows users to showcase their NFT collections.
It remains uncertain whether Rolex will release a physical product related to cryptocurrency and how the proposed offerings in its trademark application will materialize. However, the possibility of a digital collection from the luxury watchmaker seems more plausible and could propel the company into the metaverse, similar to Adidas.
Adidas, another mainstream company, has also ventured into the metaverse. The apparel giant recently teased an upcoming NFT collection that will be featured on its metaverse website.
The rise of cryptocurrency and the metaverse has captured public attention, particularly with the entry of mainstream companies in recent years. Despite the recent bear market, which affected the prices of major crypto-assets, the number of trademark applications for cryptocurrency services in the United States has reached a record high of 4,708 as of October 31st, according to Kondoudis. This represents a 32% increase from last year’s previous record of 3,547. Similarly, the number of submissions for NFTs and the metaverse during the same period stands at 6,855 and 4,997, respectively.
